神州细胞爆雷：支柱产品卷入骗保案，医保红线下的创新药困局

Group 1 - The recent court ruling revealed a fraudulent insurance scheme involving Shenzhou Cell's subsidiary, where sales staff induced patients to falsely claim medical conditions for profit [1] - The core product involved in the fraud is "Anjain," a recombinant coagulation factor VIII product, which has become a significant revenue driver for Shenzhou Cell since its launch in 2021 [1] - Anjain's sales skyrocketed from 134 million to 1.89 billion, accounting for over 75% of the company's total revenue of 2.5 billion in 2024, while sales expenses surged nearly 20 times from 24.77 million in 2021 to 456 million in 2024 [1] Group 2 - In Q1 2025, Shenzhou Cell's revenue declined by 15.15% year-on-year, and net profit fell by 14.06%, attributed to price reductions and cost controls in the healthcare sector [2] - The price of Anjain has dropped to around 2000 yuan due to competitive bidding, nearing the price of human-derived factor VIII, highlighting the intense price war in the market [2] - The misalignment between healthcare policies and clinical needs poses a challenge for Shenzhou Cell, as the current reimbursement policy restricts coverage to cases of bleeding, while preventive treatment is crucial for patients [2]